Monetary policy rules in practice: evidence from Turkey

Hakan Berument () and Hakan Taşçi
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Hakan Taşçi: Department of Economics, University of North Carolina, Chapel Hill, NC 27599-3305, USA, Postal: Department of Economics, University of North Carolina, Chapel Hill, NC 27599-3305, USA

International Journal of Finance & Economics, 2004, vol. 9, issue 1, 33-38

Abstract: This paper estimates a forward-looking monetary policy reaction function of the Central Bank of the Republic of Turkey by considering the period from 1990:01 to 2000:10. When the spread between the interbank rate and depreciation rate of the local currency is taken as a policy tool, the empirical evidence suggests that the Turkish Central Bank responds to its foreign exchange reserves, output and M2 growth not the forward, current or lagged inflation. Copyright © 2003 John Wiley & Sons, Ltd.

Date: 2004
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Working Paper: Monetary Policy Rules in Practice: Evidence from Turkey (2003)
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DOI: 10.1002/ijfe.219

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